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SSNNL deep discount bonds redemption under scrutiny

Ahmedabad, Dec 18 (PTI) Two new petitions have been filed in the High Court of Gujarat challenging "compulsory premature redemption" of deep discount bonds (DDB) issued by the Sardar Sarovar Narmada Nigam Ltd (SSNNL) in 1993.

Today, Steel Authority of India Ltd (SAIL) and ITDC employee provident fund have moved two separate petitions in this regard in the High Court.

Earlier, devision bench of the High Court, acting on the petitions filed by Indian Oil Corporation (IOC) and one Maharashtra-based Kalyan Janta Sahakari Bank, had issued a notice to the SSNNL and Gujarat government last week.

The devision bench of Justice RP Dholakia had Justice M S Shah fixed the Dec 18, as the next date for hearing the matter.

However, when the mater was taken up for hearing, today Justice Dholakia refused to hear it saying "not before me"

Now, all the matters will be clubbed together and will be heard in the devision bench of Justice D A Mehta and Justice Abhilashkumari, sources in the High Court said.

The petitioners have also challenged the constitutional validity of Sardar Sarrovar Narmada Nigam Ltd (Conferment of Power to Redeem Bonds) Act 2008, by which the SSNNL and the government have gone for premature redemption of DDBs issued in 1993.

Each bond's discount value was Rs 3,600 when issued in 1993. On maturity on January 2014, the SSNNL was supposed to give Rs 1.11 lakh against every bond.

Emerging story. Watch this space for updates as more details come in
FILED IN: Money | Business
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